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Samil PricewaterhouseCoopers
South Korea · PricewaterhouseCoopers International Limited · Triennially Inspected
- Inspection year
- 2021
- Report date
- 07-Nov-2022
- PCAOB release
- 104-2023-018
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (3)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The issuer held a portfolio of investment securities which were carried at fair value. The issuer recorded the fair value of certain investment securities based on prices it obtained from external pricing agencies. The following deficiencies were identified: - The firm did not identify and test any controls over the reasonableness of the prices obtained from external pricing agencies used by the issuer to determine the valuation of certain investment securities. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 2 | Investment Securities | The issuer held a portfolio of investment securities which were carried at fair value. The issuer recorded the fair value of certain investment securities based on prices it obtained from external pricing agencies. The following deficiencies were identified: - The sample size the firm used in its substantive procedures to test the valuation of certain investment securities was too small to provide sufficient appropriate audit evidence because these procedures were designed based on a level of control reliance that was not supported due to the deficiency in the firm's control testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Both financial statement and ICFR audits | AS 2301.16; AS 2301.18; AS 2301.37; AS 2315.19 | |
| 3 | Investment Securities | The issuer held a portfolio of investment securities which were carried at fair value. The issuer recorded the fair value of certain investment securities based on prices it obtained from external pricing agencies. The following deficiencies were identified: - The sample size the firm used in its substantive procedures to test the valuation of certain investment securities was too small to provide sufficient appropriate audit evidence because these procedures were designed based on a level of control reliance that was not supported due to the deficiency in the firm's control testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Both financial statement and ICFR audits | AS 2315.23; AS 2315.23A |